The National Bureau of Statistics (NBS) has released its latest inflation report, revealing a significant increase in Nigeria’s inflation rate for January 2024. The rate surged to 29.90%, marking a notable rise from the 28.92% recorded in December 2023. On a year-on-year basis, the inflation rate for January 2024 showed a substantial leap of 8.08%…
Governor Seyi Makinde of Oyo State has announced plans to extend the payment of wages for workers and pensioners in the state for the next six months. This decision aims to alleviate the economic hardship faced by many residents in the state. The governor made this announcement during the commissioning of the 12.5km Challenge –…
The European Union (EU) has announced plans to invest 37 million Euros into Nigeria’s power sector, as part of its ongoing support for the country’s energy development. The EU’s Head of Mission to Nigeria, Samuela Isopi, revealed this during a visit to the Minister of Power, Adebayo Adelabu, in Abuja. This investment is in addition…
Amidst the economic challenges faced by Nigerians, the federal government has announced its decision not to import food items into the country. This decision was revealed by the Minister of Information and National Orientation, Mohammed Idris, following a meeting between President Bola Tinubu and state governors. Speaking after the meeting, Idris stated that the government…
President Bola Ahmed Tinubu has urged state governors to address the pressing issues of rising food costs and insecurity in their regions by implementing measures such as recruiting more police officers and establishing state police forces. Tinubu made these remarks during a meeting with Vice President Kashim Shettima and the 36 state governors, as well…
The Nigerian Upstream Regulatory Commission (NUPRC) has announced plans to relocate some of its departments and units from Abuja to Lagos, despite having spent N70 billion to construct a new headquarters in Abuja. The decision, outlined in a memo titled ‘Movement to Lagos,’ signed by the executive commissioner of corporate services and administration, Kelechi Onyeakachi…
President Bola Tinubu has issued a directive to the National Security Adviser Nuhu Ribadu, the State Security Service (SSS), and the Nigeria Police to crack down on food hoarders. This decision was made during a meeting with 36 state governors at the State House, where the president expressed concern over the escalating prices of food…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has officially received the consultant’s report for the Nigerian Port Community System (PCS) implementation from the Nigerian Ports Authority (NPA) and the International Port Community Systems Association (IPCSA). The primary goal of the PCS is to ensure Nigeria’s compliance with the Convention on Facilitation of International…
The Central Bank of Nigeria (CBN) recently unveiled significant measures aimed at stabilizing the Naira’s value. One key initiative involves requiring International Oil Companies (IOCs) to repatriate 50% of their revenue to Nigeria, instead of the previous practice of remitting all earnings abroad. This move is part of efforts to increase liquidity in the Foreign…
Fresh controversy has erupted in Nigeria as lawmakers push for an increase in the budget allocated to Special Intervention Projects (SIP), commonly known as constituency projects. The proposal seeks to raise the current N100 billion yearly allocation to 20% of the national budget, aiming to “spread dividends of democracy to all federal constituencies in Nigeria.”…